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Market Report

Northern New Jersey Industrial Market Report

Midyear 2023

Cooling Port Activity and Rapid Development
Support Looser Conditions Across the Market

Throughput at New Jersey ports normalizes. Stalled labor contract negotiations along West Coast ports were resolved in June, ending a months-long period of uncertainty affecting the nationwide shipping landscape. At the onset of this dispute, many trans-Pacific carriers diverted cargo eastward, driving throughput at the Port of New York and New Jersey above its California counterparts for the first time in decades. Harbor-adjacent assets in Northern New Jersey noted historically tight conditions during this stretch, with Essex and Union counties reporting vacancy well under the market average. Although carriers shifting some operations back to the West Coast will generate near-term headwinds for waterfront assets, this harbor remains the nation’s third-busiest maritime gateway, supporting a solid foundation for long-term demand. 

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